Stock Repurchase Program Declared by United Natural Foods (UNFI) Board

United Natural Foods (NASDAQ:UNFI) announced that its Board of Directors has authorized a share repurchase plan, which permits the company to repurchase $200.00 million in outstanding shares on Friday, October 6th, EventVestor reports. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

A number of analysts recently weighed in on the stock. TheStreet upgraded shares of United Natural Foods from a “c” rating to a “b-” rating in a research report on Thursday, October 5th. Zacks Investment Research downgraded shares of United Natural Foods from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Barclays PLC reiterated a “sell” rating and issued a $32.00 price target on shares of United Natural Foods in a research report on Thursday, September 28th. BidaskClub downgraded shares of United Natural Foods from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. Finally, Stephens assumed coverage on shares of United Natural Foods in a research report on Friday, August 11th. They issued an “equal weight” rating and a $50.00 price target on the stock. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $42.25.

United Natural Foods (NASDAQ:UNFI) opened at 40.09 on Tuesday. United Natural Foods has a 52 week low of $29.53 and a 52 week high of $49.74. The stock’s 50 day moving average is $38.34 and its 200 day moving average is $38.95. The company has a market capitalization of $2.03 billion, a PE ratio of 15.66 and a beta of 1.43.

United Natural Foods (NASDAQ:UNFI) last issued its earnings results on Wednesday, September 13th. The company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. United Natural Foods had a return on equity of 8.10% and a net margin of 1.40%. The company had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period in the prior year, the firm earned $0.70 earnings per share. United Natural Foods’s revenue for the quarter was up 5.7% on a year-over-year basis. Analysts predict that United Natural Foods will post $2.71 EPS for the current fiscal year.

In other news, Director James P. Heffernan sold 2,970 shares of the company’s stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $42.45, for a total transaction of $126,076.50. Following the transaction, the director now directly owns 24,094 shares of the company’s stock, valued at $1,022,790.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael Paul Zechmeister sold 11,500 shares of the company’s stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $44.06, for a total value of $506,690.00. Following the transaction, the chief financial officer now directly owns 1,997 shares in the company, valued at $87,987.82. The disclosure for this sale can be found here. Insiders have sold 50,241 shares of company stock worth $2,205,951 over the last ninety days. 1.30% of the

A number of analysts recently weighed in on the stock. TheStreet upgraded shares of United Natural Foods from a “c” rating to a “b-” rating in a research report on Thursday, October 5th. Zacks Investment Research downgraded shares of United Natural Foods from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Barclays PLC reiterated a “sell” rating and issued a $32.00 price target on shares of United Natural Foods in a research report on Thursday, September 28th. BidaskClub downgraded shares of United Natural Foods from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. Finally, Stephens assumed coverage on shares of United Natural Foods in a research report on Friday, August 11th. They issued an “equal weight” rating and a $50.00 price target on the stock. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $42.25.

United Natural Foods (NASDAQ:UNFI) opened at 40.09 on Tuesday. United Natural Foods has a 52 week low of $29.53 and a 52 week high of $49.74. The stock’s 50 day moving average is $38.34 and its 200 day moving average is $38.95. The company has a market capitalization of $2.03 billion, a PE ratio of 15.66 and a beta of 1.43.

United Natural Foods (NASDAQ:UNFI) last issued its earnings results on Wednesday, September 13th. The company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. United Natural Foods had a return on equity of 8.10% and a net margin of 1.40%. The company had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period in the prior year, the firm earned $0.70 earnings per share. United Natural Foods’s revenue for the quarter was up 5.7% on a year-over-year basis. Analysts predict that United Natural Foods will post $2.71 EPS for the current fiscal year.

In other news, Director James P. Heffernan sold 2,970 shares of the company’s stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $42.45, for a total transaction of $126,076.50. Following the transaction, the director now directly owns 24,094 shares of the company’s stock, valued at $1,022,790.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael Paul Zechmeister sold 11,500 shares of the company’s stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $44.06, for a total value of $506,690.00. Following the transaction, the chief financial officer now directly owns 1,997 shares in the company, valued at $87,987.82. The disclosure for this sale can be found here. Insiders have sold 50,241 shares of company stock worth $2,205,951 over the last ninety days. 1.30% of the stock is owned by insiders.

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About United Natural Foods

United Natural Foods, Inc is a distributor and retailer of natural, organic and specialty products. The Company’s segments include Wholesale and Other. The Wholesale segment is engaged in the national distribution of natural, organic and specialty foods, produce and related products in the United States and Canada.

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